Assistant Minister of Housing, Utilities, and Urban Communication Khaled Abbas said that the New Urban Communities Authority (NUCA) invested EGP 37bn throughout the 2015/2016 fiscal year, up from EGP 26bn in the previous fiscal year. He added that the flotation of the pound drove the Ministry of Housing to review the impact of the decision on construction companies and prompted the ministry to extend implementation periods of projects to six months. He added that the parliament is set to discuss the law in the coming session prior to passing it. He added that the Armed Forces Engineering Authority dealt with the update and assigned 12 construction companies to implement constructions in the government neighbourhood in the project, which will be implemented in 18 months. Abbas noted that the ministry is working to solve the problems of construction companies that have agreements with the government and disburse the funds for the exchange rate gap.

Source: Daily News Egypt March 14, 2017 15:56 UTC